Soybean Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 198.10 Billion |
| Market Size (2029) | USD 277.88 Billion |
| CAGR (2024 - 2029) | 7.20 % |
| Fastest Growing Market | North America |
| Largest Market | South America |
Soybean Market Analysis
The Soybean Market size is estimated at USD 198.10 billion in 2024, and is expected to reach USD 277.88 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).
Soybeans, renowned for their rich plant-based protein content, also boast a variety of beneficial plant compounds. While Asian cuisines often feature whole soybeans, Western nations predominantly utilize heavily processed soy products. The range of soy offerings includes soy flour, soy protein, tofu, soy milk, soy sauce, and soybean oil. Packed with antioxidants and phytonutrients, soybeans are linked to numerous health benefits. Regular consumption of soy products may help women lower their osteoporosis risk, combat obesity, reduce the likelihood of Type 2 diabetes, enhance blood circulation, and alleviate sleep disorders. Over recent years, soybean production has seen a notable uptick. This surge in production, coupled with an expanded harvested area, is poised to propel the global market. As reported by FAO, global soybean production rose from 355.8 million metric tons in 2020 to 372.8 million metric tons in 2021.
Beyond their nutritional benefits, soybeans serve multiple purposes: oil extraction, culinary applications, and animal feed. In kitchens, they're favored as salad condiments and in various cooking methods. Valued for being low in cholesterol and fat, soybeans are a sought-after protein-rich substitute. Moreover, they provide an excellent dairy alternative for those with lactose intolerance. The US National Library of Medicine highlights that about 65% of humans lose their lactose digestion ability post-infancy, underscoring the significance of soybeans in such diets. This versatility is a key driver of the global soybean market.
Globally, the United States, Brazil, Argentina, Canada, Paraguay, and Uruguay dominate soybean production and export, collectively representing over 85% of the world's output. Historically, the U.S. led as the primary producer and exporter. However, Brazil, benefiting from optimal soil quality, favorable weather, and ample water, has surged ahead, making South America the epicenter of global soybean production. The rising adoption of veganism in Western nations, fueled by the growing preference for plant-based proteins, is energizing the soybean market. Additionally, heightened health consciousness among consumers, driven by improved living standards, has further bolstered the market's growth.
Soybean Market Trends
Increased Demand for the Byproducts of Soybean
In recent years, the demand for soybean by-products, such as soybean meal and oil cakes, has surged. Their high nutritional value has boosted their popularity among consumers, driving the market's growth. Factors like rising disposable incomes in developed nations and enhanced soybean productivity have further fueled this demand. According to the USDA, U.S. soybean oil production reached 12.28 million metric tons in 2023, up from 11.3 million metric tons in 2019. This growing demand for soybean oil is set to bolster the market during the forecast period.
Moreover, soy lecithin, a soybean by-product, is gaining traction as a versatile food ingredient. Its applications range from acting as a wetting agent and managing cholesterol to enhancing flavor in dietary supplements, ice creams, dairy products, newborn formulas, bread, margarine, and other convenience foods. Soybean meal, with its unique amino acid profile, serves as a viable alternative to cereal proteins. The demand for soybean meal, especially as high-protein animal feed, has surged in rapidly developing nations like China, driven by a rising appetite for animal protein. While long-term growth rates in soybean production are outpacing yield increases per land unit, the demand remains robust. This is largely due to the health benefits of protein-enriched foods and a burgeoning global livestock population, including cattle and ruminants.
South America Dominates the Market
South America dominates the global soybean export market, with Brazil, Argentina, and Paraguay collectively supplying over 50% of the world's soybeans. In 2022, Brazil led South American soybean exports, contributing 49.7% to global totals. The United States followed with 36.8%, and Argentina trailed at 3.3%.
Brazil's soybean production rose from 121.8 million metric tons in 2020 to 134.7 million metric tons in 2021, setting the stage for boosted exports in subsequent years. Enhanced awareness and expertise among local farmers, coupled with rising domestic and global demand for oilseeds, have positively influenced soybean prices and farmer revenues. Furthermore, the US-China trade tensions have notably spurred Brazilian exports to China.
Argentina stands as the leading global exporter of soybean oil and meal. For instance, data from the ITC trade map highlights Argentina's export of 6,010,691 metric tons of soybean oil in 2021. Meanwhile, Paraguay ranks as the world's fourth-largest soybean exporter. Data from the Paraguayan Chamber of Soybean Exporters reveals that Paraguay exports over half of its soybean production, underscoring its economy's heavy reliance on these shipments. Additionally, a bolstered livestock population and rising demand for soybean meals have further fueled exports from South American nations to the Asia-Pacific and European markets.
Soybean Market News
- April 2023: China has increased the planting areas for soybeans and edible oil crops by 10 million mu (equivalent to 666,667 hectares). This move, as reported by the Ministry of Agriculture and Rural Affairs, aims to bolster grain production, secure supplies, and enhance self-sufficiency.
- November 2022: The World Bank Board of Directors greenlit a grant agreement worth USD 24.58 million. This funding aims to implement Sustainable Land Management (SLM) practices in Brazil. The initiative focuses on boosting agricultural productivity in the soybean and beef cattle value chains. The overarching goals are to rejuvenate extensive degraded pasturelands and simultaneously curtail greenhouse gas emissions.
- August 2022: In 2022, North Dakota Soybean Processors (NDSP), a collaboration between CGB Enterprises Inc. (CGB) and Minnesota Soybean Processors (MnSP), expanded its new facility. This facility is set to process 42.5 million bushels of soybeans, yielding soybean oil, meal, and hulls.
Soybean Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Demand for the Byproducts of Soybean
4.2.2 Growing Livestock Market
4.2.3 Rising Government Initiatives
4.3 Market Restraints
4.3.1 Unfavorable Climatic Conditions
4.3.2 High Price Volatility
4.4 Value Chain/Supply Chain Analysis
5. MARKET SEGMENTATION (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend Analysis)
5.1 Geography
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.1.3 Mexico
5.1.2 Europe
5.1.2.1 Russia
5.1.2.2 Italy
5.1.2.3 Ukraine
5.1.2.4 Spain
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 India
5.1.3.3 Japan
5.1.3.4 Australia
5.1.4 South America
5.1.4.1 Brazil
5.1.4.2 Argentina
5.1.4.3 Paraguay
5.1.5 Middle East & Africa
5.1.5.1 South Africa
5.1.5.2 Egypt
5.1.5.3 Saudi Arabia
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Soybean Industry Segmentation
Soybean is a leguminous vegetable crop grown in tropical and subtropical climates. It is one of the most valuable crops globally, not only as an oilseed crop, feed for livestock and aquaculture but also as a good source of protein in the human diet and as a biofuel. For the report purpose, soybean, whether or not broken (HS Code 1201), is considered for the analysis. The soybean market is segmented by geography into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The report includes the Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), and Price Trend Analysis. The report offers market estimation and forecasts in value (USD) and volume (metric tons) for all the above segments.
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Soybean Market Research FAQs
How big is the Soybean Market?
The Soybean Market size is expected to reach USD 198.10 billion in 2024 and grow at a CAGR of 7.20% to reach USD 277.88 billion by 2029.
What is the current Soybean Market size?
In 2024, the Soybean Market size is expected to reach USD 198.10 billion.
Which is the fastest growing region in Soybean Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Soybean Market?
In 2024, the South America accounts for the largest market share in Soybean Market.
What years does this Soybean Market cover, and what was the market size in 2023?
In 2023, the Soybean Market size was estimated at USD 183.84 billion. The report covers the Soybean Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Soybean Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key factors driving the Soybean Market?
The key factors driving the Soybean Market are a) Rising demand for plant-based protein b) Innovations in areas like protein extraction and conversion to meat alternatives can further expand soybean utilization
What are the key factors driving the Soybean Market?
The key factors driving the Soybean Market are a) Rising demand for plant-based protein b) Innovations in areas like protein extraction and conversion to meat alternatives can further expand soybean utilization
Soybean Industry Report
The global soybean market thrives, marked by its varied applications across sectors. Known for its nutritional benefits and versatility, it's pivotal in the food industry, meeting the surge in plant-based diet preference and vegan, vegetarian lifestyles. Soybeans are a mainstay in plant-based nutrition, essential in products like tofu, soy milk, and as meat substitutes, propelled by health-conscious individuals. Beyond food, their role in animal feed is crucial, boosting livestock health with high protein content. The soybean oil's significance in the biofuel sector underscores its dual utility, contributing to sustainability and the move to renewable energy. The rising demand for by-products like meal and oil cakes highlights its economic value. As a key global agricultural commodity, with North and South America and Asia as top producers, the soybean's influence spans cultivation, processing, and trade. For comprehensive market insights including the soybean forecast, access the industry analysis and a free report PDF download from Mordor Intelligenceā¢ Industry Reports. Get a sample of this industry analysis as a free report PDF download.
Soybean Market Report Snapshots
